Executive condominiums, or ECs for short, are a growing housing option available in Singapore. They combine affordability with exclusivity. ECs cater to those in the middle class who cannot afford private property but do not qualify for public housing. Here we explore executive condominiums and their characteristics, as well the eligibility criteria, the benefits and the acquisition process. Read more now on Altura EC showflat.
Understanding Executive Condominiums
Singapore offers a variety of different housing options, including executive condominiums. These condominiums fill the gap in between housing provided by public authorities and condominiums owned privately. They are built and sold by developers who are private, however they have certain restrictions and conditions for eligibility. ECs may be created in partnership with HDB, to help ensure affordability and availability.
The buyer must also meet the following criteria in order to purchase a luxury condominium:
Citizenship. At least one purchaser must be Singaporean.
Family Nucleus. The purchasers are required to form a group of family members, which must consist at least of a Singapore Citizen and if applicable, consists also o f either r esidencial Singaporean (PR) as well as r residencial Singaporean spouse.
Income Ceiling : The household’s gross monthly income cannot be higher than the specified ceiling, which is typically between S$14,000.00 and S$16,000.00.
Ownership: The applicant must not own another private residential property locally or abroad in the 30 days preceding his application.
Minimum Occupation Period (MOP). EC unit owners have to stay in their units for a period of at least five years, before they are allowed to sell them. After ten ECs fully become privatized with no restrictions, they are then sold to Singaporeans or PRs.
Features and Benefits
Price: The executive condominiums’ pricing is comparatively cheaper than the private condos. ECs offer affordable housing to middle-income families.
Apartments with Quality Finishes: The units in executive condos are well designed and feature modern amenities. They also have spacious layouts, high quality finishes and good-quality materials. Each unit is designed with the resident’s lifestyle in mind.
Facilities are comprehensive: ECs come with a number of different amenities and features, such as swimming pool, gyms or function rooms, BBQs pits, parks, and gardens. They improve residents’ lives and encourage a sense community.
Prime Locations – Executive condominiums in well established areas are conveniently located near essential amenities including schools, malls, health care facilities and transportation systems. These executive condominiums offer residents convenience, as well a desirable lifestyle.
Executive condominiums offer the same potential capital appreciation as private condominiums. Property values may rise as units become privatized once the required minimum tenure period is over.